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Hong Kong's Average Wage Rate Increases by 8 Percent

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Hong Kong's Average Wage Rate Increases by 8 Percent

by CFO Innovation Asia Staff, 29 June 2012
topics:
Compensation and Benefits Human Capital Management Management
tags:
HKSAR Census and Statistics Department Randstad staff retention wage rate
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Hong Kong's average wage rate for selected industry sections monitored, as measured by the wage index, increased by 8.0% in nominal terms in March 2012 over a year earlier.
 
Figures released by the HKSAR Census and Statistics Department show that about 71% of the companies reported increase in average wage rates in March 2012 compared with a year ago.  Twenty-one percent of the companies recorded a decrease in average wage rates over the same period.  The remaining 8% reported virtually no change in average wage rates.
 
Commenting on the figures, Randstad Hong Kong’s director, Brien Keegan, notes that if companies are unable to give a pay rise, then the offer of other tangible or intangible benefits will satisfy staff. 
 
"For example, training, mentoring programmes, educational courses, time-in-lieu, flexi-time all go a long way in highlighting a commitment to employees’ careers,” says Keegan.
 
Keegan says the estimated cost of replacing staff can be as high as 150 percent of their salary once recruitment costs, time required and other resources are factored in. 
 
"Companies can save time and money by retaining employees on fair and competitive renumeration packages and therefore protect their greatest asset,” notes Keegan.
 
According to the recent Randstad Workmonitor Report for Q2 2012, 26% of Hong Kong respondents said they would accept a paycut to safeguard their job and the same number saying they would forgo part of their salary to prevent redundancies in their organisation.
 

 

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